CSO report insurance premiums up for nine straight months

June 19, 2024
CSO report insurance premiums up for nine straight months

Recent figures released by the Central Statistics Office may have shown a slowdown in the rate of inflation, but one stand out stat was that motor insurance premiums have risen again for the ninth month in a row. 

The cost of motor insurance was 7.4% higher in May compared to the same month last year. Insurers blame a rise in the number of claims and increasing payout costs. 

Motorists were also badly hit the pocket when it comes to fuel, with petrol 14.5% up on 2023 and diesel up 17.5%. 

The rise in premium costs is often attributed to increased repair costs by insurance companies, although this actually accounts for a relatively small element of the over all premium. Personal injury claims, increased administration fees and insurance company operating costs make up the main elements. 
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